CREJ

Page 14 — Office Properties Quarterly — December 2018 www.crej.com C olorado’s Commercial Prop- erty Assessed Clean Energy is rapidly becoming the nation’s leading C-PACE program. In retrospect, this success is due to the outstanding efforts of its participating stake- holders: property owners, project developers, contractors and capital providers all collaborating with Col- orado’s New Energy Improvement District to ensure the success of the program. This year-end progress report provides a snapshot of the program and its many benefits to property owners, the state and its citizens. • Program management. Colorado C-PACE, which operates under the direction of the Colorado NEID, enables owners of eligible com- mercial and industrial properties to access private financing for up to 100 percent of energy-efficiency, renewable energy and water con- servation eligible improvements. In addition, the program can provide access to financing for up to 20 per- cent of eligible new construction costs. • Statewide program benefits. C-PACE is a win-win program that, in addition to lowering the utility expenses and increasing the value of improved properties, advances important public policy goals that include reducing energy and water use, increasing renewable energy deployment, reducing greenhouse gas emissions, improving the build- ing stock and creating local jobs. • Project financing. In 2018, C-PACE experienced major growth across all aspects of the program. Since inception, the total project amount financed has exceeded $32 mil- lion. The number of participating capital providers has grown to 25, more than any other program in the U.S. These firms include community banks, credit unions and PACE-specialty investors. This broad range of capital provider participa- tion ensures that both small and large projects, existing building ret- rofits and new construction projects can be financed under terms that meet the diverse needs of partici- pating property owners. • Projects closed. Twenty-nine proj- ects are forecasted to close financ- ing by year-end, of which 17 are office properties. Of these, at least 11 will close in the fourth quarter, which speaks to the program’s rap- idly growing project pipeline. Proj- ects ranged in size from a $60,000 26-kilowatt solar photovoltaic system at an organic farm on the Western Slope of Colorado to a $7.1 million project that includes new heating, ventilation and air-condi- tioning equipment, controls, high- efficiency lighting, fault detection and diagnostics, and water conser- vation improvements at a suburban office campus. It is not surprising the building qualified for LEED- Existing Building certification. • Project types. Closed projects include the first nonprofit project, a $61,000 lighting retrofit at Denver’s Forney Museum in April. Other proj- ects included 13 existing building energy retrofit projects, four renew- able energy projects, four projects that included both energy-efficiency upgrades and the installation of solar PV systems, and four new construction projects. • Participating contractors . Over the last three years, 125 energy- efficiency, 98 renewable energy and 39 water-efficiency contractors have attended multiple C-PACE intro- ductory workshops held around the state. These training sessions provide contractors with an over- view of how the program works and how it can bring benefits to their property owner customers. These contractors represent an important channel for project origination, particularly for routine equipment replacement projects. • Participating retrofit project devel- opers . Specialty PACE project devel- opers, PPDs, have played an integral role developing comprehensive, multimeasure existing building retrofit projects and integrating the unique benefits of C-PACE financing to make these projects economi- cally attractive for property owners. PPDs typically combine commercial real estate experience with C-PACE project development and financ- ing expertise, and have proven an invaluable resource to property and portfolio owners seeking to optimize the benefits of C-PACE for Colorado C-PACE is becoming a national leader We’re an award-winning, full service property management company with more than 30 years of experience and 5.4 million square-feet in our commercial portfolio . We make it our business to manage yours. GriffisBlessing.com Colorado Springs 719.520.1234 Managing too much? We can help. Denver 303.771.0800 C M Y CM MY CY CMY K GB-OfficeBldg-CREJ120418-PRINTREADY.pdf 1 12/4/18 2:57 PM Sustainability Tracy Phillips Director, Colorado C-PACE Please see Phillips, Page 20 One project using Commercial Property Assessed Clean Energy financing will be for lighting upgrades totaling $286,148 for the two buildings, located at 125 and 130 Rampart Way. The buildings are part of a redeveloped Air Force base that is home to medical and dental practices as well as corporate entities.